$~16
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of Judgment:27.8.2012
+ CO.PET. 210/2012
ROCK STEEL PVT LTD ..... Petitioner
Through: Ms.Anju Jain, Advocate.
versus
REGISTRAR OF COMPANIES ..... Respondent
Through: Mr.K.S.Pradhan, Deputy
Registrar of Companies on behalf
of Regional Director (NR)
CORAM:
HON'BLE MS. JUSTICE INDERMEET KAUR
INDERMEET KAUR, J. (Oral)
1. By way of this petition petitioner company seeks restoration of its name in the Register of Companies under Section 560(6) of the Companies Act, 1956.
2. The petitioner company was incorporated under the name and style of Rock Steel Pvt. Ltd. with its main object being founders and manufacturers of metallurgical products; there are four directors in the C.P.No.210/2012 Page 1 of 4 petitioner company. Pursuant to the non-furnishing of a fresh guarantor on revocation of a personal guarantee by Shejang Singh (one of the directors of the company) towards the outstanding loan of the company, the Bank stalled and froze its accounts which stalled the operations of the company. The Banker of the petitioner company namely the Punjab and Sind Bank, initiated recovery proceedings against the company at the Civil Court Kharar which led to complete deadlock in the operation of the company; in these circumstances the company defaulted in filing its Annual Returns and Forms with the Registrar of Companies. Petitioner company has filed its last audited Annual Accounts till the year 1996; however, the same could not be filed after 1996 because of the dispute of the Company with its Banker.
3. Registrar of Companies took cognizance of this known filing and suo moto declared the petitioner company as defunct and struck-off its name from the Register of the companies under Section 560 of the Companies Act. The petitioner company has since resolved its disputes with the bank and the copy of the letter of settlement dated 24.11.2010 has been filed along with this petition; a sum of Rs.19,77,000/- has since been paid by the company to the Bank for the release of its securities. C.P.No.210/2012 Page 2 of 4 Subsequent to the resolution of disputes with the Bank the directors and shareholders of the petitioner company have decided to revive the operations of the company, hence the present petition.
4. Reply filed on behalf of Registrar of Companies (ROC) has been perused. It is submitted that petitioner company has not filed its statutory documents i.e. Annual Returns and Balance Sheet since 1995 till date which is in contravention of Section 159/220 of the Companies Act; the defaulter shall be liable for punishment/penalty. ROC has no objection is the name of the Company is restored in the Register of the Companies, however, company be directed to file the pending Annul Returns and Balance Sheets since 1995 till date along with its requisite filing fee as prescribed under the law.
5. Keeping in view the facts and circumstances narrated by the petitioner company herein-above as also the reply filed by the ROC the petitioner company is permitted to file its statutory documents i.e. the Annual Returns and Balance Sheet since 1995 till date with the requisite late filing fee. Upon the filing of the aforesaid documents, the ROC is directed to restore the name of the petitioner in the Register of the Companies. This order is passed subject to payment of cost of C.P.No.210/2012 Page 3 of 4 Rs.50,000/- to be deposited with the ROC. Petition disposed of in the above terms.
INDERMEET KAUR, J AUGUST 27, 2012 nandan C.P.No.210/2012 Page 4 of 4